Application of al-Qarḍ al-Ḥasan For Social Financing Through Temporary Cash Waqf and Zakāh: A Maqāṣidic Approach
توظيف القرض الحسن للتمويل الاجتماعي من خلال الوقف النقدي المؤقت والزكاة: دراسة مقاصدية
DOI:
https://doi.org/10.31436/ijfus.v7i2.305Keywords:
Temporary Cash Waqf, Zakāh, al-Qarḍ al-Ḥasan, Social Financing, Maqāṣid al-SharīʽahAbstract
This research article aims to study the possibility of applying temporary cash waqf and zakāh in the contemporary world as they constitute the fundamental pillars of social financing in the Islamic financial and economic system, and they have a crucial role in achieving higher intents of Sharīʽah, like legal justice, social cooperation, and economic welfare. The problem of the research lies in the differences of opinions of scholars regarding the permissibility of applying al-qarḍ al-ḥasan on zakāh. This article attempts to employ the maqāṣid approach to give the preference among those views as well as delineating the rules and proposing suitable tools for it. Similarly, this research again takes the maqāṣid approach to offer the application of al-qarḍ al-ḥasan on temporary cash waqf. Content analysis and comparative analysis methods have been used in this research. By applying a maqāṣidic analogy between zakāh and cash waqf, the study concluded that al-qarḍ al-ḥasan is permissible to be granted through cash waqf based on the analogy of the permissibility of granting al-qarḍ al-ḥasan through zakāh. The study recommends that the proposed al-qarḍ al-ḥasan grants through zakāh and waqf be managed by governmental zakāh and waqf institutions as well as public Islamic banks for better governance.
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